What Is an FHA Loan?
An FHA loan is a government-backed mortgage insured by the Federal Housing Administration. Designed to make buying a home more accessible, FHA loans offer more flexible requirements than many conventional loans — making them a popular choice for first-time buyers and those with limited savings.
Why Choose an FHA Loan?
With an FHA loan, qualified borrowers may benefit from:
- Low down payment – as little as 3.5% of the purchase price
- Flexible credit requirements – easier to qualify than many conventional loans
- Assistance with closing costs – sellers, builders, and lenders can contribute up to 6%
- Assumable mortgages – take over an existing FHA loan from a seller
- Refinance options – FHA loans aren’t just for new purchases
- No prepayment penalties – pay off your loan early without extra fees
- Gift funds allowed – down payment can come from family support
FHA Loan Limits and Requirements
Loan limits vary by county and property type, but FHA loans are available for many single-family and multi-family homes that will be used as your primary residence. To apply, you’ll typically need to provide:
- Employment history
- Credit score and bank statements
- Recent tax returns and W-2s
- Paystubs and social security number
- Any divorce or support agreements (if applicable)
Special Option: FHA 203(k) Loan
The FHA also offers the 203(k) renovation loan, which allows you to finance both the purchase of a home and the cost of needed repairs or improvements in a single loan.
How Tim and Liz Can Help
As FHA-approved lenders, Tim and Liz Serratt make the process smooth and straightforward. They’ll walk you through the requirements, help you understand your options, and ensure you’re set up with the right loan for your situation.
Take the First Step Today
Homeownership could be closer than you think. If you’ve been held back by down payment or credit score worries, an FHA loan may be the solution.
What our Clients say
Trusted by families across the Treasure Coast.
I’ve been working with Tim Serratt since 2017 — from purchasing my home to several refinances — and most recently, he helped get my new loan approved! Even though I’m on the West Coast and he’s on the East Coast, he always makes me feel like I’m his top priority. He’s incredibly responsive, always answers my calls and questions right away, and goes above and beyond to make the process smooth and stress-free.
I truly appreciate his dedication and professionalism. No matter where I am or what kind of loan I need, he’s the only person I trust to handle it. Highly recommend — a true 5-star loan officer!
Cheers to 8 years friendship Tim🥂 and cheers to new chapter of our life in the new house 🏡 🥂
Tim and his team are the best! Would have not been able to close without him. I was working with a different company before him and there was a lack of communication with what was needed to close. Tim came in with a very short time frame and was very clear with what needed to happen for me to close. He made it happen fast and smoothly. Would recommend for everyone looking for a mortgage.
Tim was absolutely amazing figuring our mortgage out. It was such a stressful situation and the first lender denied us literally at the last minute! But Tim kept us calm and reassured us that it was gonna happen. And let me tell you he did it! He pulled a rabbit out of the hat and made some magic happen! I just cannot say enough about how pleased we are with Contour. Tim and his Wife Liz make an excellent team and even followed up with us when this stressful process was all done. You can tell they really care about their clients. We will definitely be only using them in our next mortgage!